Aug 19, 2021 09:21 PM

Tencent Earmarks 50 Billion Yuan for ‘Common Prosperity,’ Beijing Says No to Shared Electric Bikes in City, H&M Fined

Here is today’s ranking of the 10 most-read news stories in China, in economics, finance and current affairs, to help give you a sense of what’s trending in the Chinese language sphere.

Chinese social media users have been paying close attention to the lawsuits filed against disgraced pop star Kris Wu’s companies. They are also following the extradition case of Huawei's chief financial officer, which will be decided on Oct. 21.


1. Companies related to pop star Kris Wu sued for contract violation

Companies related to pop star Kris Wu (external source, in Chinese) have been sued for over 10.8 million yuan ($1.66 million) in a contract dispute concerning a world tour concert, according to data provider Tianyancha. Wu has been arrested by Beijing police on suspicion of rape.

2. Beijing bars shared electric bike services

The Beijing government clarified Wednesday that it doesn’t allow shared electric bicycle (external source, in Chinese) services in the city. The Municipal Transportation Commission has imposed administrative penalties nine times on shared electric bicycle operators involving eight brands as of the end of June.

3. Tencent allocates 50 billion yuan to help promote “common prosperity”

Chinese tech giant Tencent announced Wednesday it will give 50 billion yuan to aid the government’s wealth redistribution efforts, adding to an April pledge of 50 billion yuan for a “sustainable social values” program. The new funds will be focused on areas like increasing incomes for the poor, improving medical assistance, promoting rural economic efficiency and subsidizing education programs.

4. White House admits “a fair amount” of U.S. military equipment fell into Taliban hands

U.S. National Security Adviser Jack Sullivan acknowledged Tuesday that “a fair amount” of U.S. military equipment (external source, in Chinese) is now under the control of the Taliban.

Photo: VCG

5. H&M fined a total of 1.46 million yuan for product quality issues

As of Wednesday, H&M’s China branch has been handed 22 administrative penalties, with the total fines amounting to 1.46 million yuan. In the latest instance, H&M’s Beijing Fangshan branch (external source, in Chinese) was fined 32,000 yuan for the sale of products that failed a quality inspection.

6. Tencent sues Douyin over copyright infringement

Tencent is suing short-video platform Douyin (external source, in Chinese) for 100 million yuan for the persistent use of a large number of unauthorized videos of the Tencent-owned TV series “Crime Crackdown.”

7. Biden admits Afghanistan’s government collapsed faster than expected

U.S. President Joe Biden (external source, in Chinese) acknowledged Monday that the Afghan government’s collapse and the Taliban takeover happened faster than the U.S. government expected, but insisted that ending the 20-year war was the right decision.

8. Canadian judge to set date of ruling in Meng Wanzhou extradition case on Oct. 21

The hearing in the extradition case of Huawei’s Chief Financial Officer Meng Wanzhou (external source, in Chinese) ended on Wednesday. A British Columbia judge will decide on Oct. 21 when the ruling will be announced.

9. Tibet celebrates 70th anniversary of liberation

Lhasa, capital of southwest China’s Tibet autonomous region (external source, in Chinese), on Thursday held a celebration to mark the 70th anniversary of the liberation of the region.

10. Nanjing lowers risk level for Covid-19

Nanjing, capital of East China’s Jiangsu province (external source, in Chinese), announced that the Lukou neighborhood in Jiangning district was downgraded from a medium-risk area to a low-risk area on Thursday, meaning the entire city is now designated as low-risk. As of Wednesday, no new confirmed local cases have been reported for six consecutive days.

Translated by intern reporter Chen Bingyi.

Caixin has not independently verified the veracity or accuracy of all of the headlines or stories.

The daily ranking of most-read news stories among Chinese people, about China and global affairs, is jointly provided to you by Caixin Insight and HANA Data, an artificial intelligence technology team.

The key indicators calculated on the list are based on mass data sourced from China’s mainstream social media platforms and online news websites. Click here for a detailed introduction of our methodology.

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